Uzbekistan is among the 11 countries in the world with rapidly developing economy; Commercial banks receive the right to provide microloans; Kazakhstan receives the right to export gasoline to Uzbekistan; NBU and Abu Dhabi Development Fund sign cooperation agreement for US$ 100 million; Masdar intends to build solar and wind power plants in Uzbekistan; Uzbekistan and Korea agree to build hotels in Tashkent;
Uzbekistan is among the 11 countries in the world with rapidly developing economy
Uzbekistan is among the 11 countries in the world with a rapidly developing according to the McKinsey Global Institute.
The McKinsey Global Institute has compiled a list of countries where GDP growth has been 5% or more over the past 20 years.
This list includes Azerbaijan (GDP growth – 8.2%), Belarus (5.6%), Cambodia 5.8%), Ethiopia (4.8%), India (5.3%), Kazakhstan (5, 2%), Laos (5.4%), Myanmar (8.9%), Turkmenistan (6.1%), Uzbekistan (5.1%) and Vietnam (5.1%).
Commercial banks receive the right to provide microloans
Commercial banks of Uzbekistan received the right to provide microloans along with microcredit organizations. The Senate of the Oliy Majlis of Uzbekistan introduced amendments to some legislative acts.
In accordance with the decrees of the President of the Republic of Uzbekistan dated March 23, 2018 “On additional measures to increase the availability of banking services” and on September 12, 2017, “On measures to further develop and increase the sustainability of the banking system of the republic”, changes are being made, according to which banks are granted the right to issue microloans.
The amount of microloans can be up to 100 minimum sizes of wages and is issued mainly in cash for up to 1 year. At the same time, there is a ban on interest accrual, collection of commission payments and penalties (fines, penalties), application of other measures of liability under microfinance services agreements in the amount of more than half of the microloan per year.
Kazakhstan receives the right to export gasoline to Uzbekistan
Earlier it was reported that in Kazakhstan there is too much gasoline, and the surplus is already more than 350 thousand tons. Kazakhstan and Russia on October 3 signed a protocol allowing the republic to begin exporting gasoline.
Earlier, deputy chairman of the national company “Kazmunaygas” Daniyar Tiesov said that Kazakhstan hopes to start supplying gasoline to Kyrgyzstan, Uzbekistan and Tajikistan in the autumn; by the end of the year it is planned to export up to 400 thousand tons, and in 2019 gasoline exports could reach 1−1, 2 million tons.
In mid-September, the minister said that it was critically important for Kazakhstan to start exporting gasoline in October-November to prevent market glut, as there was a gasoline surplus in the country, which led to a decrease in its prices, and this trend should intensify in light of the completion of refinery modernization. He also explained the conflict related to Russia: recalling that Kazakhstan had previously imported gasoline from the Russian Federation without customs duties and was obliged for this commitment not to export gasoline so as not to re-export.
NBU and Abu Dhabi Development Fund sign cooperation agreement for US$ 100 million
On 3 October 2018, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan signed a cooperation agreement for US$100 million with the Abu Dhabi Development Fund (UAE). The document was signed in Tashkent within the framework of the Uzbek-Emirates Business Forum.
The agreement envisages implementation of an investment project, primarily in the construction of an international-level hotel and a tourist shopping and entertainment center in Samarkand, which will increase the tourist potential of the city.
It also assumes funding for projects in such areas as electricity, water, health, agriculture, transport and other industries. The direct investments of the Abu Dhabi Fund are attracted to finance projects in pursuance of the “Program of measures for the accelerated development of the tourist potential of the city of Samarkand and the Samarkand region for 2017-2019,” adopted at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev.
Masdar intends to build solar and wind power plants in Uzbekistan
Energy Company Masdar (Abu Dhabi Future Energy Company PJSC) and State Investment Committee signed a cooperation agreement on October 3. The agreement envisages the partnership of the parties in the development of renewable energy sources, and, in particular, the construction of wind and solar power plants.
Headquartered in the emirate of Abu Dhabi (UAE), the energy company Masdar has the ambitious goal of developing and promoting the clean energy industry both within the emirate and around the world. Masdar and is an important component in implementing the economy diversification plan of the United Arab Emirates.
The state-owned development company Mubadala Development Company founded Masdar Corporate in 2006 in accordance with the Abu Dhabi Economic Vision Concept until 2030, a program that stimulates the development of new sources of income for the Emirate of Abu Dhabi and strengthens its knowledge-intensive sector. Masdar participates in the development of solar (photovoltaic and concentrated) and coastal wind energy projects both in the UAE and abroad.
Uzbekistan and Korea agree to build hotels in Tashkent
Representatives of Tashkent khokimiyat met with the Korean delegation, where employees of Hyundai Dia Hausys, Segi Century, Sunjin E & A, and Suwan TPL Co. represented South Korea.
“At the moment we have a large flow of tourists and we want to build many hotels, as well as reconstruct roads,” said a representative of the Tashkent administration, commenting on joint plans with Korea.
Korea’s initiative was supported by Jun Woo Joong, CEO of Hyundai DIA Hausys Ltd. In addition, representatives of the Korean logistics and consulting company Suwan TPL Co.Ltd expressed interest in partnering with Uzbekistan in exporting of Uzbek alcoholic beverages.